First Point Minerals Corp. : First Point Minerals Discovers New District-Scale Nickel-Iron Alloy Mineralization at the Wale Property in BC
01/19/2012| 11:55am US/Eastern
January 19, 2012
First Point Minerals Discovers New District-Scale Nickel-Iron
Alloy Mineralization at the Wale Property in BC
Vancouver, January 19, 2012 -- First Point Minerals Corp.
(FPX-TSX.V) ("First Point" or the
"Company") is pleased to announce that it has
discovered widespread nickel-iron alloy mineralization while
exploring the 100%-owned Wale property in northern British
The mineralized footprint at Wale includes a
10-kilometer-long stretch of anomalous grade, disseminated
nickel-iron alloy mineralization. "Wale is one of the
best properties we have found to date, and is comparable to
Decar in both scale and stage of exploration at the time
Decar was optioned to Cliffs Natural Resources in November
2009," said Dr. Ron Britten, First Point's
Vice-President of Exploration.
This northwest-southeast trending zone of nickel-iron alloy
mineralization measures roughly 3.1 kilometres long and from
670 to 1,060 metres wide. It is defined by 113 bedrock
samples that average a grade of 945 parts per million
("ppm"), or 0.09% nickel-in-alloy, based on a
threshold of 500 ppm. Within this main major zone, First
Point has defined two highly prospective drill targets: Head
and Eagle -- based on elevated nickel-in-alloy results and
coarser nickel-iron alloy grain sizes.
The Head target, measuring 780 metres in length and up to 460
metres wide, is located on the crest of a north-trending
ridge. It is defined by 12 rock sample sites that returned
grades in the range of 460 to 1,590 ppm (0.05% to 0.16%), for
an average of 1,065 ppm (0.11%) nickel-in-alloy. All of these
samples contain coarse grains of nickel-iron alloy with a
maximum size of between 200 and 500 microns (or 0.2 and 0.5
mm). First Point believes that surface sample assay results
of greater than 500 ppm nickel-in-alloy and coarse alloy
grain sizes of more than 100 microns (0.1 mm) are significant
parameters to evaluate early-stage exploration prospects.
The Eagle target is located on the flank of a
northwest-trending ridge and measures 2.3 kilometres long and
varies from 120 to 470 metres wide. It remains open to the
west and northwest. Twenty-nine rock samples averaged a grade
of 946 ppm (0.09%) nickel-in-alloy within a range of 504 and
1,484 ppm (0.05% to 0.15%). All of these samples contain
coarse nickel-iron alloy maximum grains that reach from 200
to 600 microns (0.2 to 0.6 mm) in size.
The Wale property is located 50 kilometres east of Dease Lake
(a town on the Stewart-Cassiar Highway 37) and covers an area
of 119 square kilometres. The nickel-iron alloy
mineralization is hosted in a moderately serpentinized,
fine-grained ultramafic that is bounded by the major Nahlin
and Eaglehead faults. It is accessible by helicopter, while a
rough road provides access to the southern margin of the
About 50% of the property was explored in 2011, which
involved mapping and the collection of 464 rock samples, of
which 219 samples contain higher than 500 ppm nickel-in-alloy
and average 5.2% iron, occurring primarily as magnetite, and
1,610 ppm (0.16%) chromium. Additional analyses, petrographic
work and preliminary Davis Tube magnetic separation testing
are anticipated over the winter months.
First Point will continue to explore the remainder of the
Wale property in 2012 and follow-up with detailed mapping and
sampling on the known targets in preparation of a proposed
2,000-metre drilling program later this summer.
Orca and Letain Properties
The Company also recently staked the Orca property, which
covers 64 square kilometres west of Wale, based on a mapped
large ultramafic body and geochemical sample results. Orca is
located about 35 kilometres east of Dease Lake and 16
kilometres northwest of Wale, and will be the focus of an
aggressive exploration program in 2012.
During the 2011 field season, First Point has further defined
a nickel-iron alloy target at the Letain property through
mapping and rock sampling. The 100%-owned Letain property is
39 square kilometres in size and covers part of the same
ultramafic belt as Wale and Orca. It is situated about 77
kilometres east of Dease Lake and 34 kilometres southeast of
The main target at Letain measures approximately 820 metres
in length as defined by eight rock sample sites containing
disseminated nickel-iron alloy mineralization. It is located
along a narrow east-trending ridge. The width of the target
is obscured by talus cover that flanks both sides of the
The samples range in value from 791 to 1,964 ppm (0.08% to
0.20%), averaging 1,420 ppm (0.14%) nickel-in-alloy. Fine to
coarse grains of nickel-iron alloy reach up to 50 to 200
microns (0.05 to 0.2 mm) in size. The samples will be
reanalysed using Davis Tube magnetic separation to confirm
whether the fine-grained nickel-iron alloy can be easily
recovered magnetically. Additional field work planned for
Letain in 2012 will depend on the magnetic recovery
Rock samples, each averaging about 1 kilogram, were taken on
200- to 300-metre spaced sites where outcrop was available
along traverses. These samples were delivered to Acme
Analytical Laboratories Ltd. in Vancouver ("Acme,"
an ISO Certified Laboratory) for nickel-in-alloy and total
nickel analysis, using the analytical procedures discussed in
the Company's November 7, 2011 news release.
In summary, First Point currently holds a 100% interest in
eight different properties in British Columbia, Yukon and
Australia, including drill defined targets on the Wale, Mich
and Klow properties. First Point has dropped the Wheat and
Bodine properties in British Columbia and the Joe property in
Oregon, based on disappointing exploration results from the
2011 regional field program.
Dr. Ron Britten, P. Eng., First Point's Qualified Person
under NI 43-101, has reviewed and approved the analytical
content of this news release.
About First Point
First Point Minerals Corp. is a Canadian base and precious
metal exploration company. For more information, please view
the Company's website at or contact Peter Bradshaw,
President and CEO, or Rob Robertson, VP Corporate
Development, at (604) 681-8600.
On behalf of First Point Minerals Corp.
Peter Bradshaw, Ph.D., P. Eng., President & CEO - TSX Venture
Suite 906 -- 1112 West Pender Street
Vancouver, BC Canada V6E 2S1
Tel: 604.681.8600 Fax: 604.681.8799
Certain of the statements made and information contained
herein is considered "forward-looking information"
within the meaning of applicable Canadian securities laws.
These statements address future events and conditions and so
involve inherent risks and uncertainties, as disclosed in the
Company's periodic filings with Canadian securities
regulators. Actual results could differ from those currently
projected. The Company does not assume the obligation to
update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services
responsibility for the adequacy or accuracy of this release.
News Releases item: Mon Jan 16, 2012, First Point
Reports Baptiste Target is at Least 2.3 Kilometres Long and
450 to 600 Metres Wide as Defined by Drilling